The government has agreed to plans which will see one of London‘s most iconic landmarks be turned into a mixture of residential and commercial properties.
Despite its unique ‘upside down table’ design, the building has remained unused for 28 years since closing and has stood derelict on site.
Irish millionaires Richard Barrett and John Ronan who own the property through their Jersey-based firm are now trying to raise funds to convert the site.
Should Barrett and Ronan’s firm Real Estate Opportunities PLC be successful in accruing the relevant finance needed then work will begin in 2012. The overall cost for the project is estimated to be in the region of £5.5 million.
Treasury Holdings announced this week that they are happy with the final planning application for the building, meaning that the site redevelopment can go ahead.
Plans in the pipeline for the site include 3,400 apartments for living space and 3.5 million square foot worth of office space which will take at least ten years to complete.
Over 15,000 jobs will be created on the site and the 500 affordable homes will be provided when the job is completed.
The development is part of a larger scheme for the Nine Elms district on London’s South Bank which covers the area between the Vauxhall and Chelsea bridges. It is an area which the US Embassy is due to move to in 2017.
Besides being a former coal-fired site, Battersea Power Station also has a place in popular culture. Pink Floyd famously used the power station on the front cover of their 1977 album ‘Animals’ with an inflatable pink pig above it, while the building was used in several 2006 Doctor Who episodes featuring the Cybermen.
Call 020 3151 2740